Shares of SpaceX soared 23% in their Wall Street debut on Friday, making the rocket maker’s CEO Elon Musk the first-ever trillionaire. The shares opened at $150 and kept rising, reaching $166.90 around 12:.

SpaceX shares opened at $150 on Friday, 11% above their $135 offering price, after the company completed the largest initial public offering in history.

The company says its shares could trade at about $135 each (£100), setting the company's valuation on track for about $1.75tn.

With SpaceX Class A shares recently trading around $177.20 on the Hyperliquid blockchain exchange, the value of the 849.5 million Class A shares Musk owns is now $35.85 billion more than at the $135 IPO pricing.

In recent years, Elon Musk has been picky about whom he allowed to buy in to SpaceX. Early investors used personal connections and faced vetting.

The estimated price is the same as the space exploration and artificial intelligence (AI) company set a week ago, lifting the firm's valuation to nearly $1.8tn. SpaceX is aiming to raise $75bn through its initial public offering (IPO).

You’ve seen this movie before — even if you’ve forgotten how it ends. SpaceX is about to stage what could be the largest IPO in history, targeting a roughly $1.75 trillion valuation at $135 per share on its Nasdaq debut.

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